And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPANWe need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
More Alan Greenspan Quotes
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
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Derivatives have permitted the unbundling of financial risks.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
ALAN GREENSPAN